Bad Realestate deal

[rweltz]

What is the name of your state? FL 'll give a quick summary;

My wife and I had intended to live in and stay in this home. We put a contract in on it in April of 05. We were supposed to move on the 1st week of July, but the construction was delayed over and over again. We finally had to buy another home because we were getting kicked out of base temporary lodging, and my kids had to go to school. We purchased our current home, and are still living in it. At the time we didn’t know what to do about the other home, but the realtor assured us that we could sell it and make a little money. We put it on the market even thought we didn’t even own it yet. The home was finally completed in Jan of 06. We were told by the realtor that we would still have to buy it. I didn’t know how we could afford it, but was told don’t worry we’ll take care of that. We were still told that we would have no trouble selling it. At this time we had enough money in the bank to cover a few mortgage payments until we could sell. On the 15th of FEB 06, we went to closing and saw how much the payments were, and walked away from the table. I was then threatened with a lawsuit for supposedly breach of contract. The realtor and the closing agent came back the next day and somehow got the payment down to what I thought at the time was reasonable. Come to find out a year later that they had underestimated the taxes or only used the tax data for the land, I couldn’t tell, so the taxes I was paying was $48 a month at the time of the sale, unknown to me. I found out almost a year later that I had a tax bill for thousands more and my mortgage was now over $500.00 more a month. Had this been done correctly I would have never qualified for this mortgage, much less afford it. I tried to sell the house, and drained my saving to pay for it. I later found out that my agent now and the seller’s agent that sold me the house also had 10 other houses on the market in the same neighborhood to sell. I tried to give back the house(deed in lieu) and also lowered the price for a short sale, but still no buyers. I consulted a Real estate Lawyer, and he told me that I could file a suit, but it was chasing bad money and I should just take the judgment and claim bankruptcy. So now I’m on my own, and really felt that this was a scam from the get go, and I was trying to do the right thing.

Any idea if any lawyer will take this case? or is it even worth pursueing?

All I want to do is give this house back.

Plase save the sarcastic remarks, and the you should have walked away from it, you should have read the contract, and the you signed it responses. I'm already past that, and it has already cost me a ton of money. I'm just asking for help. Thanks, R

[ADBunting]

First, how did your first purchase contract read? Were there any clauses defining the sale contingent on such and such happening, like your being able to move in on a certain date?

Date on contracts are very important. They go stale after a certain amount of time.

These are things you need to find out.

I think the key would be what your original contract states.

Second was the Realtor acting on your behalf as a customer? Even if they are only representing the seller, they still have an ethical duty to provide fair representation and professionalism to you.

Weren't the payments and taxes stated in your original purchase agreement? Who is financing your loan on this property? You'd have to submit quite a few forms and get a rate locked in so this situation is kind of confusing. It all should have been made completely clear up front.

Plus you mentioned a judgement? It's hard to guess without more detail about the circumstances.

It does sound like misrepresentation and non disclosure to me and I suggest searching for an attorney that will address these issues. But this is purely based on what you posted and I know there are some serious information gaps there.

April

Originally Posted by rweltz

What is the name of your state? FL 'll give a quick summary;

My wife and I had intended to live in and stay in this home. We put a contract in on it in April of 05. We were supposed to move on the 1st week of July, but the construction was delayed over and over again. We finally had to buy another home because we were getting kicked out of base temporary lodging, and my kids had to go to school. We purchased our current home, and are still living in it. At the time we didn’t know what to do about the other home, but the realtor assured us that we could sell it and make a little money. We put it on the market even thought we didn’t even own it yet. The home was finally completed in Jan of 06. We were told by the realtor that we would still have to buy it. I didn’t know how we could afford it, but was told don’t worry we’ll take care of that. We were still told that we would have no trouble selling it. At this time we had enough money in the bank to cover a few mortgage payments until we could sell. On the 15th of FEB 06, we went to closing and saw how much the payments were, and walked away from the table. I was then threatened with a lawsuit for supposedly breach of contract. The realtor and the closing agent came back the next day and somehow got the payment down to what I thought at the time was reasonable. Come to find out a year later that they had underestimated the taxes or only used the tax data for the land, I couldn’t tell, so the taxes I was paying was $48 a month at the time of the sale, unknown to me. I found out almost a year later that I had a tax bill for thousands more and my mortgage was now over $500.00 more a month. Had this been done correctly I would have never qualified for this mortgage, much less afford it. I tried to sell the house, and drained my saving to pay for it. I later found out that my agent now and the seller’s agent that sold me the house also had 10 other houses on the market in the same neighborhood to sell. I tried to give back the house(deed in lieu) and also lowered the price for a short sale, but still no buyers. I consulted a Real estate Lawyer, and he told me that I could file a suit, but it was chasing bad money and I should just take the judgment and claim bankruptcy. So now I’m on my own, and really felt that this was a scam from the get go, and I was trying to do the right thing.

Any idea if any lawyer will take this case? or is it even worth pursueing?

All I want to do is give this house back.

Plase save the sarcastic remarks, and the you should have walked away from it, you should have read the contract, and the you signed it responses. I'm already past that, and it has already cost me a ton of money. I'm just asking for help. Thanks, R

[rweltz]

Thanks for your reply,
I'm looking over the contract now. The agent became my agent after the sale. She was the sellers agent before the sale and her father was my agent for the sale. The judgment is for a final forclosure and the sale date has been set. I'm going to try to make a motion to vacate the judgment based of false documentation. They filed saying that I wasn't in the military and I am, and they know this from the org. docs. I plan on also filing a motion for discovery, to show that they falsly represent the loan. I'm also going to ask for the wet ink signatures. This should slow this down until I can prove this deal was bad. Anyone have any other ideas? Thanks, R